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I recently witnessed an utter disaster when I helped a startup
make a pitch to an established multinational firm.

Members of the startup team thought they knew what the
corporation wanted but they didn’t. They delivered a generic
presentation, a rather canned pitch to a room of company
executives. There was no indication they understood the
audience.

Even worse, the startup team couldn’t think outside their own
box, their own business strategy. One of the corporate executives
tried to explain that his firm had a market that the startup
couldn’t address alone. The executive suggested that his
company's sales force could quickly drive more revenue for the
product through a reseller agreement.

The startup players failed to understand the concerns and needs
of the executives and that deal became a casualty of
miscommunication. It didn't need to be that way

If a venture capital firm offers to introduce you to a potential
business customer, make sure you do these eight things before
going to the meeting:

1. Prepare for your meeting. Global 2000
companies are not likely to spend money if they feel you don’t
understand what keeps them up at night. Put yourself in their
shoes. Anticipate the difficult questions and come prepared with
answers. At a minimum, you should:

2. Understand the targeted industry. The
metrics used to measure innovation vary among different
businesses. For example, enterprise IT businesses, tend to
prioritize efficiency, so niche products are OK. For financial
services organizations, a product has to support millions of
customers; if yours can’t scale, they aren’t interested. And
before a pharmaceutical company even considers your product,
you’ll have to prove it can function in a highly regulated
environment.

3. Comprehend the players involved. Venture
capitalists focus on executive relationships. Tailor your
pitch to the audience. For example, C-suite executives will focus
on strategic issues. So unless you want them to tune out
immediately, don’t get into the technical details of your
software. Save that discussion for the engineering teams.

4. Be familiar with the adoption cycle. Too
many startups pitch everybody. Be selective. Understand how the
industry views innovation and the appetite for risk. Ask your
investors for help with the right alpha and beta customer
engagements. Prequalify those who are disposed to buy early and
can help build momentum. When your product has matured, have that
list of late adopters ready.

5. Request feedback early on. You may have
a great product but it might not be the right fit. Or it might be
better if you prioritize certain features. Don’t be afraid to ask
for feedback and don’t wait until the end of the pitch. After a
preliminary sketch of your roadmap, stop and ask for feedback. If
you’re willing to make some adjustments, you might close a deal.

6. Be ready to shift gears. Just like the
quarterback who calls out a new play when the opposing team
changes its stance, be prepared to discard the slides and shift
the discussion. Have a genuine conversation. It could open up
opportunities you hadn’t considered.

7. Have your credentials ready. When a
venture capital firm introduces you to a potential business
customer, it is largely based on your startup's credibility.
Understand how a customer expects you to prove your credibility.
For example, financial services firms will want to see that your
product has worked at a large bank. Be ready with references who
will sing your praises.

8. Plan ahead. Ask for a nondisclosure
agreement before the second meeting. The formality of the
document will acknowledge that the procurement team sees this as
a solid opportunity. Before leaving, identify the owner of the
next meeting and continue to take this proactive approach
throughout the sales cycle.